You will have problem with the first one one day or another (put some values in and figure a roll-over), but the second one is bullet proof.

If you want to measure it, you may use the regular suggestions
  1. Set a pin before, and clear it after the IF-THEN or code block. Measure the delay with a scope or frequency meter
  2. Same as above, but use an internal Timer and output the data over serail port
  3. Use MPLAB stopwatch

http://www.picbasic.co.uk/forum/show...33&postcount=9 <-- really handy
http://www.picbasic.co.uk/forum/show...9&postcount=13